The ruble , which capped its best year against the central bank’s target dollar-euro basket since before the credit crisis, underperformed major commodity-linked currencies as lower interest rates and the ouster of Moscow’s mayor eroded demand for Russia’s currency.

More than ten years ago, Vladimir Putin came to power partly on a wave of nationalist sentiment. Judging from the mood at a recent demonstration, Russia's nationalists no longer hold him in such high esteem.